Exam (elaborations)
Blaw 3314 Test 1 Review Detailed Questions And Expert Answers
- Course
- BLAW 3314
- Institution
- University Of Texas - Arlington
Blaw 3314 Test 1 Review Detailed Questions And Expert Answers
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Blaw 3314 Test 1 Review Detailed Questions AndExpert Answers
Fee simple absolute - ANS term used to describe the most complete ownership in
a property, absolute part refers to that ownership descends through you.
Fee Simple Defeasible - ANS means that it's possible to have interest in a land
where the person who granted it wants it used for a certain purpose, puts a
restriction on use for current owner or future buyer.
what happens to life estate after it ends? - ANS Remainder; if it goes back to the
grantor then it is a reversion.
reversion - ANS occurs when a property owner makes an effective transfer of
property to another but retains some future right to the property
remainder - ANS is a future interest that is created in some person other than the
grantor or transferor, whereas a reversion creates a future interest in the grantor
or his/her heirs
metes and bound - ANS identifies the parcel by specifying the shapes and
boundaries of the perimeter of the property. in relation to recognized markers
such as monuments, natural features such as streams, bridges, piles of stones,
trees, etc.
, lot and block - ANS a type of legal description for land in developed areas where
streets or other rights-of-way delineate leagre parcels of land referred to as blocks,
which are then further divided.
rectangular survey method - ANS it uses the lines in a map (the meridians) and
then they further divide each of the rectangles into 6 miles by 6 miles and they are
called townships. Texas does not use this only used in states west of Ohio except
kentucky and Tennessee with Florida also doing it.
do we need legal description? - ANS yes, for statue of frauds in order to convey
lands
statue of frauds - ANS if you enter into contract for sale of land, it has to be
adequately described. have to describe so it is not comparable as rest of land in
the world.
tenancy in common - ANS Co-ownership of property in which each party owns an
undivided interest that passes to his or her heirs at death.
joint tenancy - ANS have to have same interest %, date of acquisition, title the
same time.
closing - ANS process where the money goes to the seller and document goes to
buyer.
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